NPORT-EX 2 global-equity.htm NPORT-EX

SGI Global Equity Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.9%
  
Shares
    
Value
 
Aerospace/Defense - 3.7%
        
Lockheed Martin Corp.
    
4,850
    
$
2,567,638
  
Northrop Grumman Corp.
    
2,978
      
1,458,178
  
             
4,025,816
  
                 
Auto Manufacturers - 2.3%
          
BYD Co. Ltd. - ADR
    
20,503
      
1,351,353
  
Honda Motor Co., Ltd. - ADR
    
45,208
      
1,170,887
  
             
2,522,240
  
                 
Banks - 1.8%
          
Bank Rakyat Indonesia Persero Tbk PT - ADR
    
15,651
      
210,662
  
HDFC Bank, Ltd. - ADR
    
8,455
      
564,456
  
ICICI Bank Ltd. - ADR
    
21,773
      
665,165
  
Popular, Inc.
    
3,324
      
330,273
  
United Overseas Bank Ltd. - ADR
    
4,007
      
218,197
  
             
1,988,753
  
                 
Beverages - 2.2%
          
Coca-Cola Co.
    
8,794
      
563,519
  
Coca-Cola Femsa SAB de CV - ADR
    
22,741
      
1,810,866
  
             
2,374,385
  
                 
Biotechnology - 2.3%
          
Exelixis, Inc. (a)
    
6,930
      
252,668
  
United Therapeutics Corp. (a)
    
6,090
      
2,256,284
  
             
2,508,952
  
                 
Chemicals - 0.2%
          
Ecolab, Inc.
    
868
      
215,932
  
                 
Commercial Services - 1.2%
          
Automatic Data Processing, Inc.
    
2,199
      
674,939
  
Grand Canyon Education, Inc. (a)
    
4,070
      
669,881
  
             
1,344,820
  
                 
Cosmetics & Personal Care - 4.1%
          
Colgate-Palmolive Co.
    
37,693
      
3,642,274
  
Unilever PLC - ADR
    
13,732
      
821,723
  
             
4,463,997
  
                 
Diversified Financial Services - 1.8%
          
AerCap Holdings NV
    
7,047
      
700,190
  
CME Group, Inc.
    
1,923
      
457,674
  
Enact Holdings, Inc.
    
22,072
      
777,155
  
             
1,935,019
  
                 
Electric - 5.8%
          
Black Hills Corp.
    
3,386
      
216,941
  
Clearway Energy, Inc. - Class A
    
7,886
      
219,310
  
CMS Energy Corp.
    
33,029
      
2,302,451
  
Duke Energy Corp.
    
6,712
      
785,640
  
Evergy, Inc.
    
13,873
      
896,612
  
National Grid PLC - ADR
    
19,062
      
1,213,868
  
OGE Energy Corp.
    
16,525
      
726,439
  
             
6,361,261
  
                 
Electronics - 0.4%
          
Amphenol Corp. - Class A
    
6,324
      
459,439
  
                 
Environmental Control - 3.0%
          
Republic Services, Inc.
    
3,516
      
767,543
  
Waste Management, Inc.
    
11,022
      
2,515,441
  
             
3,282,984
  
                 
Food - 5.9%
          
Flowers Foods, Inc.
    
53,793
      
1,216,798
  
Ingredion, Inc.
    
1,590
      
234,270
  
Kroger Co., (The)
    
52,150
      
3,185,322
  
Tyson Foods, Inc., - Class A
    
28,212
      
1,819,674
  
             
6,456,064
  
                 
Freight & Logistics - 1.4%
          
Canadian National Railway Co., (Canada)
    
5,360
      
598,658
  
Matson, Inc.
    
1,607
      
246,160
  
Union Pacific Corp.
    
2,578
      
630,734
  
             
1,475,552
  
                 
Gas - 2.7%
          
National Fuel Gas Co.
    
31,747
      
2,030,855
  
New Jersey Resources Corp.
    
16,705
      
861,644
  
             
2,892,499
  
                 
Healthcare-Services - 1.0%
          
Ensign Group, Inc.
    
1,574
      
230,135
  
HCA Healthcare, Inc.
    
823
      
269,302
  
Universal Health Services, Inc. - Class B
    
2,607
      
534,435
  
             
1,033,872
  
                 
Household Products/Wares - 1.2%
          
Kimberly-Clark Corp.
    
7,269
      
1,012,935
  
Reynolds Consumer Products, Inc.
    
11,043
      
305,781
  
             
1,318,716
  
                 
Insurance - 12.4%
          
Allstate Corp., (The)
    
9,470
      
1,963,983
  
Axis Capital Holdings Ltd.
    
14,405
      
1,340,241
  
Berkshire Hathaway, Inc. - Class B (a)
    
3,007
      
1,452,441
  
Cincinnati Financial Corp.
    
3,159
      
504,903
  
Everest Group Ltd.
    
1,836
      
711,560
  
Loews Corp.
    
6,420
      
556,807
  
MetLife, Inc.
    
27,688
      
2,442,912
  
Progressive Corp.
    
15,142
      
4,071,381
  
Unum Group
    
5,351
      
411,492
  
             
13,455,720
  
                 
IT Services & Consulting - 5.2%
          
CGI, Inc.
    
1,949
      
219,107
  
Check Point Software Technologies Ltd. (a)
    
1,801
      
327,782
  
GoDaddy, Inc. - Class A (a)
    
2,355
      
465,277
  
Infosys Ltd. - ADR
    
62,175
      
1,372,202
  
Logitech International SA
    
32,003
      
2,588,723
  
Tenable Holdings, Inc. (a)
    
15,876
      
666,474
  
             
5,639,565
  
                 
Lodging - 0.5%
          
H World Group Ltd. - ADR
    
17,501
      
563,007
  
                 
Media - 0.2%
          
New York Times Co., (The), - Class A
    
3,943
      
213,947
  
                 
Mining - 1.3%
          
Agnico Eagle Mines Ltd.
    
4,928
      
416,022
  
Rio Tinto PLC - ADR
    
15,506
      
974,397
  
             
1,390,419
  
                 
Oil & Gas - 1.6%
          
Cenovus Energy, Inc.
    
78,136
      
1,232,205
  
Inpex Corp. - ADR
    
16,952
      
222,071
  
Suncor Energy, Inc.
    
8,178
      
322,867
  
             
1,777,143
  
                 
Online Services - 1.2%
          
JD.com, Inc. - ADR
    
17,490
      
653,776
  
Vipshop Holdings Ltd. - ADR
    
50,681
      
699,905
  
             
1,353,681
  
                 
Pharmaceuticals - 13.5%
          
BellRing Brands, Inc. (a)
    
4,178
      
327,806
  
Cardinal Health, Inc.
    
8,139
      
994,911
  
Dr Reddy's Laboratories Ltd. - ADR
    
139,285
      
1,969,490
  
Eli Lilly & Co.
    
506
      
402,447
  
McKesson Corp.
    
5,401
      
3,394,529
  
Merck & Co., Inc.
    
25,066
      
2,547,708
  
Neurocrine Biosciences, Inc. (a)
    
4,476
      
567,333
  
Novo Nordisk AS - ADR
    
11,632
      
1,242,298
  
Takeda Pharmaceutical Co., Ltd. - ADR
    
238,342
      
3,246,218
  
             
14,692,740
  
                 
Pipelines - 1.1%
          
Cheniere Energy, Inc.
    
2,123
      
475,573
  
Targa Resources Corp.
    
3,325
      
679,298
  
             
1,154,871
  
                 
REITS - 0.6%
          
Welltower, Inc.
    
4,664
      
644,472
  
                 
Retail - 1.2%
          
Costco Wholesale Corp.
    
577
      
560,775
  
Dollarama, Inc.
    
500
      
52,085
  
Wal-Mart Stores, Inc.
    
7,458
      
689,865
  
             
1,302,725
  
                 
Semiconductors - 0.9%
          
QUALCOMM, Inc.
    
6,169
      
977,972
  
                 
Software - 6.2%
          
Electronic Arts, Inc.
    
6,217
      
1,017,536
  
Microsoft Corp.
    
6,704
      
2,838,876
  
Nice Ltd. - ADR (a)
    
8,859
      
1,616,236
  
SAP SE, (Germany), - ADR
    
5,456
      
1,296,346
  
             
6,768,994
  
                 
Technology - 3.2%
          
Alphabet, Inc. - Class C
    
16,087
      
2,742,672
  
Apple, Inc.
    
2,908
      
690,156
  
             
3,432,828
  
                 
Telecommunications - 7.8%
          
Arista Networks, Inc. (a)
    
2,629
      
1,066,901
  
Chunghwa Telecom Co, Ltd. - ADR
    
14,552
      
554,286
  
KDDI Corp. - ADR
    
24,376
      
402,204
  
Motorola Solutions, Inc.
    
3,190
      
1,594,043
  
Nippon Telegraph & Telephone Corp., (Japan) - ADR
    
16,871
      
432,741
  
Telefonica Brasil SA - ADR
    
134,444
      
1,103,785
  
Telkom Indonesia Persero Tbk PT - ADR
    
48,025
      
820,267
  
TIM SA - ADR
    
47,940
      
618,426
  
T-Mobile US, Inc.
    
7,638
      
1,886,128
  
             
8,478,781
  
TOTAL COMMON STOCKS (Cost $97,352,732)
      
106,507,166
  
                 
TOTAL INVESTMENTS - 97.9% (Cost $97,352,732)
      
106,507,166
  
Other Assets in Excess of Liabilities - 2.1%
      
2,312,165
  
TOTAL NET ASSETS - 100.0%
          
$
108,819,331
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
AS - Aksjeselskap
NV - Naamloze Vennootschap
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SA - Sociedad Anónima
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
SE - Societas Europeae

(a)
Non-income producing security.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
SGI Global Equity Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
106,507,166
    
$
–
    
$
–
    
$
106,507,166
  
Total Investments
  
$
106,507,166
    
$
–
    
$
–
    
$
106,507,166
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   

Allocation of Portfolio Holdings by Country as of November 30, 2024
  
(% of Net Assets)
  
United States
  
$
71,852,621
      
65.8
%
Japan
    
5,474,121
      
5.1
  
India
    
4,571,313
      
4.2
  
China
    
3,268,041
      
2.9
  
United Kingdom
    
3,009,988
      
2.8
  
Canada
    
2,840,944
      
2.7
  
Switzerland
    
2,588,723
      
2.4
  
Bermuda
    
2,051,801
      
1.9
  
Israel
    
1,944,018
      
1.8
  
Mexico
    
1,810,866
      
1.7
  
Brazil
    
1,722,211
      
1.6
  
Germany
    
1,296,346
      
1.2
  
Denmark
    
1,242,298
      
1.2
  
Indonesia
    
1,030,929
      
0.9
  
Ireland
    
700,190
      
0.7
  
Taiwan
    
554,286
      
0.5
  
Puerto Rico
    
330,273
      
0.3
  
Singapore
    
218,197
      
0.2
  
Other Assets in Excess of Liabilities
    
2,312,165
      
2.1
  
   
$
108,819,331
      
100.0
%